MoneyGram will use the Ripple for money transfers
The MoneyGram system for international translations begins using XRP tokens, The Wall Street Journal reported. The crypto will help the financial company cut costs and solve liquidity problems.
Following the official announcement of MoneyGram International Inc. and Ripple, the price of crypto went up by 13%. Last year the exchange rate of this cryptoL increased by a record 31,000%.
The project will also include financial institutions that work with MoneyGram. These are about 100 banks, including UBS and Santander. It is expected that in 2018 every three of five large money transfer systems will use the XRP tokens. One of these is MoneyGram, which, on a scale of business, only rewards the Western Union.
Ripple tests are now being conducted together with the xRapid system for international money transfers.
Unlike the popular Bitcoin, Ripple operations are faster and cheaper. Reuters reported that Bitcoin transactions already cost around $ 30, while XRP operations cost only a few cents.
In 2017, the Bitcoin rate increased by 1500%, but this can not be compared with XRP. Over the past 12 months, the Ripple has risen by 31,000%. Following the announcement of the collaboration with MoneyGram, the XRP token exceeded $ 2. Now the price of 1 XRP is at $ 2.06.
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